Ethics – Beware of Unethical Practices

ETHICS :
 
I just came back from an out of town trip for some business and at the same time, educate myself on how the foreign market is doing in comparison to the Philippines Real Estate Market ( will blog soon).  During my travels, i continuously receive sms, email or  facebook messages regarding several issues ( real estate or other issues ) and one that really got to me is how unethical practice continue to be practiced by quite a number of practitioners, licensed or NOT !  Take note, being a seasoned broker that’s been in practice for sometime now, we have a “saying”, been there, done that !  We know the modus operandi of how these culprits operate and one day, they will suffer the consequences of their actions.  We actually have brokers we avoid due to their unethical practice, just a matter of time !
 
Anyway, here’s the jist of the issue :
 
A listing broker got an inquiry from a another broker ( bb ) who had an associate who had a client for the property listed. Since the listing buyer ( lb ) gave the exact details to the ( bb ) broker, ( location, lot plan, vicinity map ), it’s just proper that the  broker (bb) register who her network is !  What’s the listing broker’s assurance that the bb who gave the listing to her network who has the buyer won’t do anything unethical such as finding the owner of the property.  In simple terminology, it’s simply called ” KALIWAAN” in tagalog or acknowledgement !
 
Transparency in Real Estate Practice no matter which part of the world  you are transacting is a must & trust is important to get the ball rolling. Whoever this broker (bb) is need to be educated properly otherwise, lets weed out these unethical broker / agent, unless of course, they are willing to learn and follow ! Shouldn’t this be the NORM ???
 
Take note, this is only one  issue, there are so so many other ways.
 
Thanks to other associates and elders such as myself who are assisting me compile a book purely based on Ethics !
 
The RESA Law was enacted in 2010 and finally, moves are being done to implement it !  It simply means that non-licensed person CANNOT transact Real Estate deals otherwise penalty and sanctions will be charged to the guilty party !
 
SOON IS AN ISSUE ON A PARTICULAR BROKER WHO QUESTIONED RETURNING HIS PROFESSIONAL FEES AFTER BOTH SELLER & BUYER AGREED TO VOID THEIR TRANSACTION.
 
ALSO, A NEW PROCEDURE TO FOLLOW WHEN DEALING WITH THE BUREAU OF INTERNAL REVENUE.
 

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